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Chi-X Europe dark pool launches

26 May 2009  |  8683 views  |  0 drop of water

Multilateral trading facility Chi-X Europe has launched its dark liquidity pool, Chi-Delta.

The MTF currently offers participants hidden order types in the visible order book for larger block trades. The new Chi-Delta platform operates as a separate, non-displayed referenced pegged order book for orders that do not meet the "large in scale" order size requirements.

Existing Chi-X participants automatically have access to the platform and market data will continue to be disseminated for free via the MTF's feed, with non-displayed executions flagged accordingly.

Prices on the platform currently use the primary best bid and offer as a source of reference prices, although this is expected to switch to the European best bid and offer in the future, if regulatory approval is granted.

Mid-peg, primary peg and market pegged orders will be supported and orders will match on a continuous basis, says the company. Trade execution costs for orders posted on Chi-Delta will be waived from launch until 31 August 2009. Immediate or cancel orders will be charged at 0.30 bps for execution.

Hirander Misra, COO, Chi-X Europe, says: "The ability to execute natural liquidity at the mid price, coupled with Chi-X Europe's low trading fees, provides participants with the potential to make significant basis point savings by trading on both the Chi-X Europe visible order book and Chi-Delta, whilst minimising market impact."

The growth in the use of dark pools by the buy side is set to grow significantly during 2009 according to a recent global survey of 590 investors undertaken by buy-side trading network Liquidnet.

In Europe, nearly three quarters (73%) of participants questioned plan to increase their use of dark pools this year, compared to 58% in Asia and 52% in North America.

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